As we suspected, buying listed stock is simply to appease the investment deadline criteria and will be sold again very soon so that the cash is back in the company. This is not core to the strategy, but incubating a number of resource projects to IPO is - sounds interesting and I look forward to the further details promised.
We've also seen rumours of a forthcoming placing to raise more cash to help effect these multiple deals - which if true, means that the price offered to Otterswick and any other investors can't be less than 0.1p. Good times ahead I think.
The Board announces that the Companyhas invested in a portfolio of listed companies and one unquoted company all of which have operations within Pires' investing policy - principally resource companies with a focus in Asia.
As well as engaging in the investing activities detailed above the Company is also reviewing a number of additional unlisted investment opportunities, with the ambition of incubating such investments to potential IPOs.
The Company confirms that it has now implemented its investing policy and has satisfied the requirements of Rule 15 of the AIM Rules for Companies and as a consequence the Company's shares will continue to trade on AIM following the anniversary (on 16 April 2013) of the Company becoming an investing company.
Further details of the Company's investing policy and proposals for the development of that policy will be presented to shareholders at the forthcoming AGM which will be convened following the publication of the Company's accounts for the year ended 31 October 2012.
Pires Investments PLC Tel: 020 7580 7576 Peter Redmond, Director Nominated Adviser Tel: 020 7148 7900 Cairn Financial Advisers LLP Liam Murray / Avi Robinson Broker Peterhouse Corporate Finance Tel: 020 7469 0935 Jon Levinson Tel: 020 7469 0936 Lucy Williams
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